CAMS - Data Report On Mutual Funds

The emerging force of Millennial Investors
is here to stay and grow

Foreword
It has been our great pleasure to be part of CII’s flag-ship event for the Mutual Fund industry over the
years. We thank CII for giving us the opportunity to release the report titled “The emerging force of
th
Millennial Investors is here to stay and grow” during this 17 edition of the Mutual Fund summit.
The theme of the summit “Navigating Change: The Future of Mutual Funds” compelled us to look at
our data repository on the segment which perhaps holds the future of the industry “The Millennials”.
As we gave shape to the data, the insights brought out many pleasant surprises about the new
millennials’ participation in mutual funds and the opportunities this segment holds. The staggering
AuM of Rs.96,000 Crore of the new millennials is a singular dimension that can sum up the potential of
this generation. We believe they can take the industry to its next tipping point. Hence the title “The
emerging force of Millennial Investors is here to stay and grow”.
The report focusses on the new millennials who have entered the Mutual funds arena in the last five
years. It includes actionable insights for asset managers, intermediaries, advisors and service
partners, covering several key areas. These insights emerge from (the millennials’) demographics,
preferences in investing, SIP trends, preference for intermediation and advisory services, diversification
and stamina to stay invested.
The India story is the envy of the world, a country with the largest population of employed youth and
a soon to reach average per capita income level of US$3,000. Economies such as South Korea &
Malaysia are relevant examples where this level of per capita income brought disproportionate
increase in surplus available for investing in financial assets and for growing the capital markets.
Influencing this internet ‘digital native’ generation, which relies on power of information, will need the
right mix of technology to o er hyper-personalized products cutting across demographics to make
Mutual Funds the first choice (and the most inclusive investment class).
We hope you will find the report useful and look forward to receiving your feedback and suggestions.
Anuj Kumar
Managing Director
CAMS
About the report
The study has been done for CAMS serviced New investors who have opened their folio in
Mutual Funds which have a market of share of demat mode are not included in this study
~69% of the Indian MF industry. This includes ten due to limited data availability of these folios
of the top fifteen mutual funds. in the RTA system.
Millennials, also known as Gen “Y” are typically The intent of the report is to bring trends,
defined as those born between 1981-1996. Our behaviours and preferences and the insights
study has classified individuals as Millennials thereof for a reasonably large (if not
basis the date of birth information provided complete) universe to mutual fund managers
while opening their Mutual Fund folios. and the ecosystem partners.
New millennial investors
FY19-FY23 - A synopsis
New SIP
Millennials Registration
84.8 Lakh 1.54 Crore
New
Gross AuM Women
Inflows
Millennials
Rs.1,03,744 Rs.96,425
Crore 26%
Crore
Please note: While 84.8 lakh new millennials entered MF between FY19 to FY23, only 76.5 lakh made investment in this period. 8.3 lakh investors have remained as Prospect folios without
investment and hence not included for further analysis.
1
Introduction
Mutual Fund industry witnessed a sharp increase in new investors starting FY2020 on the back of five
key drivers viz. massive awareness campaigns, conducive market conditions, digital access, simplified
KYC and concerted intermediation and advisory.
The sixth factor

for the large
influx of
1.57 Crore new
investors during
the five period
FY19-FY23 is the
Millennial e ect.
Massive Conducive Digital Simplified Concerted
awareness market access KYC intermediation
campaigns conditions and advisory
FY19-FY23
1,57,14,434 A staggering 84.8 lakh new millennials
New Investors
joined the Indian Mutual fund industry,
54% cornering 54% share of the new investor
84,82,345
Millennials base.
How has the

new millennial segment grown?
Growth over 5 years
(In lakh)
Millennials have been the dominant segment
84.8 lakh
48.0
among the new investors who entered
mutual funds in the last five years with their
37.1 share percentage peaking to 57% in FY20.
29.1
The pandemic period stoked wider interest to
help clock record high numbers with over
21.2 21.8
25 lakh millennials getting their first taste of
CAMS serviced Mutual funds in FY22. Despite
25.6
19.0 the market volatility and uncertainty through
15.9
12.0 12.2 FY23, investors’ confidence to enter mutual
funds remained sound and millennials
FY19 FY20 FY21 FY22 FY23
continued to make mutual funds their choice
New investors Millennials (Including 8.3 lakh
prospects) of investment for wealth creation.
Fig. No. 01
2
What’s the demographics
of the new millennials?
Millennial Investors #
Age Range 84,82,345
Even among the millennials, the folks born from 1991 to 1996 20%
have steadily increased over the five-year period. This is a
definitive pointer to the orientation of the younger
50%
millennials towards investing through professional fund
managers. Product design, communication, marketing and
digital teams need to align their strategy to this high 30%
potential, rapidly growing segment.
1981-1985 1986-1990 1991-1996
Location Trend Fig. No. 02
Millennial
Investor #
11%
Top 30
FY23 16,30,108
Beyond 30
89%
Top 30: 86%

10%
FY22 23,80,673
Top 5: 74%
90%
Next 10: 7%
11%
FY21 11,14,956
Next 15: 4% 89%
Others: 1% 2%
3%
19%
Beyond
FY20 81% 11,01,256
Top 30
Beyond Cities 4%
Top 30: 14% 4%
23%
Top 10 Next 25 FY19 14,29,840
Next 50 Others
77%
Fig. No. 03
Over 85% of the new millennial entrants coming from urban locations is perhaps predicated on the
channels sourcing these investors. The correlation to the large base from urban cities can be seen in
Fig. 03.
Pandemic's e ect in B30 locations where digital is still nascent has slightly dampened the potential
of the non-metro markets. Post pandemic increase seen in FY 22 and FY23 is a positive sign, thanks to
MFDs getting back into action.
3
Gender
66%
26%
Millennial
Investors # 14,29,863 11,01,274 11,14,960 23,80,642 16,30,096
7% 1%
7% 10% 12%
23% 30%
27% 22%
25%
66% 70% 68% 69%

63%

Male Female Not Available
Fig. No. 04
Progressive increase of women millennials making upto 30% of new millennial investors in FY23 is
a great sign of financial independence and growing confidence of women to choose financial
assets led wealth-creation, thus narrowing the gender divide in the traditionally male
dominated investment space.
4
What is their
investment type preference?
Asset Class Preferences
Millennial Investor #
The choice of making the first investment in 23,80,642

14,29,863 11,01,274 11,14,960 16,30,096
Equity funds has heightened in FY22 and FY23
although the market rally peaked in FY21. A 3% 5% 6%
3% 4% 9%
9% 3% 2%
possible explanation is pandemic period could 4% 3%
10% 14% 3%
have kept the segment in a cautious mode
and the record performance of the market in 12%
FY 20-21 may have stimulated millennials to
enter in FY 22 making an exuberant choice for 89% 89% 90%
equity. Watching these new investors' 78%
66%
behaviour over the next 2 years will show their
stamina to stay invested in a flat market
scenario. Making Debt funds as the first choice
to enter mutual funds holds promise to FY19 FY20 FY21 FY22 FY23
position debt schemes at appropriate times.
Equity Debt Cash Other Schemes
Fig. No. 05
Scheme Type Wise
Millennial
Investor # 12,78,675 8,55,586 7,31,039 21,07,564 14,68,653
9%
15% 16% 13% 13%
8% 4% 4%
1%
8% 6% 8%
7% 1%
2% 10%
8%
15% 9% 13%
11%
7% 24% 32%
21%
11%
18%
Fig. No. 06
8% 14% 5% 6%
5% 4% 8%
4%
7%
20% 7%
22% 14%
0% 19% 13%
0% 6%
15%
10% 8%
6% 5%
ELSS Flexi Cap Fund
Large Cap Fund Mid Cap Fund
Multi Cap Fund Sectoral/Thematic Funds
Small Cap Fund Value Fund/Contra Fund
Balanced Hybrid Fund/Aggressive Hybrid Fund Other Funds
Several interesting trends in scheme preference have emerged over the five-year period. Dispersion
in scheme selection is perhaps due to varied forces at play viz. market position, intermediary and
advisor guidance, influence of peer group and so on. Interestingly, Sectoral Funds have seen the
largest share from new millennials with 21% of the base preferring this scheme type while large and
small cap have a sizeable share.
5
How did they start investing?
First Investment Route – Lump-sum vs. SIP
FY19-23
Lump-sum SIP
New Millennials
76,56,585
25,15,310 51,41,592
SIP in equity schemes has been the preferred

route to begin the investing journey for two-
thirds of the new millennials. Interestingly, a
third of new millennials have been convinced
about making a lump-sum investment. Have
investors who opted for lump-sum route to
commence their journey subsequently start an
SIP subsequently is an interesting point we
have presented in Fig. 10.
Millennial
Investor # 14,29,868 11,01,280 11,14,970 23,80,676 16,30,108
76,56,585
56%
68% 65%
73% 72%
44%
32% 35%
27% 28%

Lump-sum SIP
Fig. No. 07
6
First Investment via Lump-sum
25 lakh millennials have chosen lump-sum route for

their first investment.
While the maximum number of millennials entering

at lower slabs of <Rs.1,000 and Rs.1,000-5,000 slab
is intuitive, the potential in the Rs.10,000-50,000
slab is to be noted, as about 20% of new millennials
have entered with this sizeable investment. Gross
sales via first investments from these investors has
garnered about Rs.4,500 Crore on an annual basis.
Investment
Value (Rs. in Cr.) 4,610 3,618 3,626 5,965 4,835
Millennial
Investor # 3,89,063 3,54,374 4,85,766 8,37,361 4,48,769
25,15,333
7% 6% 4% 4% 6%
4% 5%
12% 7% 6% 8% 6%
9% 10%
14%
13% 20%
16% 8% 22%
24% 7% 10%
21%
17% 9%
8% 25%
22%
17%
36% 40%
26% 20%
17%

<1000 1000-5000 5000-10000 10000-50000
50000-100000 1 lakh-2 lakh 2 lakh-5 lakh >500000
Fig. No. 08
7
First Investment via SIP
51 .4 lakh millennials of the 76.5 lakh have chosen the SIP route for their first investment.
Millennial
10,40,811 7,46,918 6,29,214 15,43,347 11,81,346
Investor #
51,41,636
2% 2% 2% 2% 2%
8% 6% 7% 8% 9%
13% 11% 10% 10%
12%
20% 20% 21%
23%
28%
37% 36% 33%

35%
37%
20% 23% 23% 24%

12%
<500 500-1000 1000-2000 2000-3000 3000-5000 5000-10000 >10000
Fig. No. 09
While the mass of new millennial entrants has chosen sub Rs.1000 slab for their SIP commitment, over
22% of the fifty-lakh plus new entrants are in >Rs.2,000 slab.
Are they expanding &

diversifying their portfolio?
Subsequent Investments
Initial investment in
Initial investment in SIP
Lump-sum
51.4 25.1
lakh Of the 51.4 lakh who lakh Of the 25.1 lakh who
entered doing a SIP entered doing a lump-sum
purchase, 28% have purchase, 29% have
subsequently commenced subsequently commenced
a lump-sum investment a SIP investment
29%
28% Same fund 60% Same fund 62%
Other funds 40% 7.4
Other funds 38%
14.6 lakh lakh
Fig. No. 10
Subsequently Subsequently
invested in Lump-sum invested in SIP
8
SIP Registration Trend FY19-FY23
Millennials have added 1.03 crore SIPs during the five year period in addition to the 51 lakh SIPs made
as initial investment. This cumulative 1.54 Crore SIPs are 29% of the total 5.3 crore SIPs registered
across segments between FY19-FY23.
Investors’ conviction to grow their MF portfolio

is best evidenced when they start new SIPs
5.34 Crore (a long-term commitment) and when they
Total New SIP registration begin to diversify across fund houses and asset
classes. Adding 1.03 Crore SIPs is an evidence of
this conviction.
1.54 Crore
29%
(In Total
Millennials New SIP registration New SIP
registration)
SIPs have become the strong foundation to Share of SIPs from new millennials in the overall
lead growth for the equity segment of the MF SIP registration in CAMS serviced Funds has
industry and the acceleration that began in seen a staggering growth from 19% in FY19 to
early FY21 has been sustained. nearly 33% in FY23.
Millennials
Share % In Total 19% 22% 26% 34% 33%
SIP Registrations
158.5
152.7
(In lakh)
78.2 74.8
69.5
53.5 50.6
15.5 19.6
14.6
Total New SIP Registrations Millennials New SIP Registrations

Fig. No. 11
9
SIP Additions
A deep dive into the millennials’ preference for SIPs brought unexpected and interesting insights. The
10.4 lakh (refer Fig. 09) millennials who began their journey in 2018-19 added 4.2 lakh SIPs in the same
year and 21.2 lakh SIPs over the next four years. Cumulatively 36 lakh SIPs have been added across
the five-year period by this 10.4 lakh millennials.
Similar trends is seen from this community who have entered in the subsequent years as well.
This points to a substantial and growing base of investors having a second or third SIP and some
even having multiple SIPs.
FY19 New SIPs
FY19 14,64,284 14,64,284

FY20
FY20 4,36,069 11,18,790 15,54,859

FY21
FY21 3,98,252 4,53,932 11,06,206 19,58,390

FY22
FY22 7,02,011 6,12,416 8,15,770 32,22,182 53,52,379

FY23
FY23 5,84,710 4,82,197 5,17,189 11,74,102 23,04,487 50,62,685
Total 35,85,326 26,67,335 24,39,165 43,96,284 23,04,487 1,53,92,597
Fig. No. 12
Diversification Across Fund Houses
Millennials going beyond the fund house they started the journey in is evidencing a very encouraging
trend with about 43% expanding their exposure to more than one fund house.
43.9 lakh 16 lakh 8 lakh 4.2 lakh 2.2 lakh 2.4 lakh
57% 21% 10% 5% 3% > 3%
Fig. No. 13
10
Who is sourcing them and
from where?
Distributor Category Millennial Investor #
76,56,585
Direct 88% 12% 3,66,645 5%
RIA 99% 1% 26,64,724 35%
MFDs 75% 25% 13,95,097 18%
National Distributors 86% 14% 10,85,876 14%
PSU Banks 75% 25% 10,21,126 13%
Private banks 72% 28% 7,86,469 10%
Regional Distributors 93% 7% 82,498 1%
Others 94% 6% 2,54,350 3%
T30 B30 Share % in Total New Millennial PAN

Fig. No. 14
In sharp contrast to the intuitive conclusion 2% 4% 1% 3% 4%
that millennials are likely to go the Do-it- 8%

12% 12% 17%
Yourself (Direct) way, 95% of millennials have 27%
chosen advisors or distributors to begin their MF FY19 FY20
Millennial Investor #
19% 15%
26%
journey. The relevance of intermediation and 10%
17% 22%
advice is very much intact.
14,29,840 11,01,256
The acceleration of RIAs to tap the millennial
1% 3% 1% 2%
segment by providing slick, digital apps for
5% 4%
seemless journeys has paid o . About 35% of 11% 7%
11%
the new millennials have been sourced by RIAs 13% 38%
and this has skewed the share of urban cities. FY21 12% FY22 48%
8%
MFDs performance in T30 was punctuated 14%
22%
during the pandemic but they continue to
11,14,956 23,80,673
champion the growth of mutual funds in both
1% 3%
T30 and B30 markets.
5%
Muted performance by private banks in the last 9%
five years with only 10% share is an area of 9% Fig. No. 15
39%
opportunity.
FY23
22%
13%
16,30,108
11
How rapid is digital adoption?
The segment is often called the internet generation and hence their preference to opt for digital
convenience is natural. However, the intermediation channel’s readiness to support digital is an
equally important aspect and this is evidenced with nearly 25% of new millennials coming via paper
mode.
Millennial 14,29,840 11,01,256 11,14,956 23,80,642 16,30,091

Investor #
16% 15% 19%

33%
46%
70% 71%
71%
53%
35%
19% 14% 15% 14% 10%

Digital Electronic Paper
Fig. No. 16
Urban vs. Other Locations
Digital 15% 11% Digital
Electronic 70% T30 B30 9% Electronic

65,89,427 10,67,358
Paper 15% 80% Paper
Fig. No. 17
Intermediated Direct
72,90,140 3,66,645
Intermediated vs. Direct Investors
Pap
e r e r
Pap
With RIAs bringing the largest number of new
millennials, straight through processing via CAMS
RTA systems have gained over the years to corner 24% 21%
70% share. Digital refers to website, mobile apps ronic
Elec
tronic
Elect Investment
and partner apps of AMCs and CAMS which Mode
support DIY investors and intermediaries. MF Central 6 4% 3%
is an emerging digital channel in FY23. Digital Digital
11
%
76
Fig. No. 18
%
12
How much did they invest?
Gross Inflows
Gross Sales (in Rs. Cr) Sensex
60,841 61,112
58,254
31,515 31,688
47,751
Rs. 1,03,744 Cr. 41,254
Cumulative inflows FY19-FY23
16,898
13,737
9,907
FY'19 FY'20 FY'21 FY'22 FY'23

Fig. No. 19
Gross inflows from millennials is no small number with the last two years ringing in over
Rs.30,000 Crore.
Similarly, equity schemes clocking ~Rs.65,000 Crore across five years is noteworthy to distribution
channels who remain subdued in their share of wallet from this segment.
Asset class wise Gross Sales
Rs.65,145 Cr Rs.18,905 Cr Rs.13,661 Cr Rs.6,033 Cr

Equity Debt Cash Other
Total Gross Inflows

(in Rs. Cr) 9,907 13,737 16,898 31,515 31,688
5% 4% 5% 6% 7%
14% 16% 9%
16% 14%
13%
21% 14%
25%
30%
72%
65%
60% 55%
49%
FY'19 FY'20 FY'21 FY'22 FY'23
Equity Debt Cash Others
Fig. No. 20
Equity includes Growth / Equity schemes and Hybrid schemes | Debt includes Income / Debt schemes |
Cash includes Liquid, Money market and Overnight schemes | Others include Other schemes and solution oriented schemes
13
Diversification across asset classes
Initial Fig. No. 21 Initial

investment investment
in equity
64.6 lakh in non-equity
investors 12 lakh investors
Remained Subsequently Remained Subsequently

only in invested in only in invested
equity non-equity non-equity in equity
87% 13% 58% 42%
Diversification is more pronounced with

Same Other
fund funds
investors who entered through non-equity
71% 29% schemes evidencing cross-sell opportunity
for equity schemes.
What are the redemption &

SIP cancellation trends?
Redemption Trend
Investors who have made
full redemption
23%
SIP cancellation
37% 17.6 lakh of the
76 lakh investors
57 lakh SIPs
cancelled of the 68%
1.54 Crore SIP (Redeemed with gain)
registrations
Fig. No. 22
32%
(Redeemed with loss)
Millennials testing the mutual fund waters for Of the 76.5 lakh new millennials who entered
the first time have seen the unprecedented Mutual Funds, about 17.6 lakh investors have
event of the pandemic and are going through exited during the course of the five years,
the first market cycles and a global redeeming their portfolios in full.
recessionary trend.
Going back to the 12 lakh investors who
As with all segments, the new millennials have redeemed with gain is an opportunity.
also cancelled SIPs during the tenure.
14
What is the new millennials’
portfolio size?
At the end of five years, the 76 lakh base of millennials stands at 56 lakh, with about 17.6 lakh
investors having redeemed their investment in full. The AuM of Rs.96,425 Crore of these 56 lakh
millennials is a true testament of their growing trust and confidence for mutual funds as a long-term
route to wealth creation.
Sixteen lakh (30 %) of the 56 lakh base having an

AuM ranging Rs.10,000-50,000 Crore and 25 lakh New Millennials AuM
millennials having an AuM base of >Rs.50,000 with live balance (in Crore)
(as at Mar. 23)
augurs well for the industry. Growing these
segments with simple steps such as SIP auto top
up of 10% every year will bring in sizeable AuM.
56 lakh
(17.6 lakh have redeemed in full)
Rs.96,425
Millennial 13,75,780 16,40,536 8,31,605 7,39,169 6,34,165 3,48,161 32,922 3,229

Investor #
(Rs. in Crore)
33,057
19,656
Fig. No. 23
13,758
10,425
8,823
5,950
4,263
492
<10,000 10000- 50000- 1,00,000- 2,00,000- 5,00,000- 25,00,000- >1,00,00,000
50,000 1,00,000 2,00,000 5,00,000 25,00,000 100,00,000
Conclusion
Mutual funds becoming the choice for over 85 lakh millennials is a great testament for preference of
professional fund management and the AuM of Rs.96,000 Crore shows the promise and power of the
segment. AMCs, Intermediaries, Advisors and CAMS have the responsibility to give these investors a
superior experience as they traverse the journey. Potential in B30 locations remains under-tapped
where Banks can intensify their e orts to grow the market. Benefits of SIP have been well bought by
the millennials subscribing to 1.5 Crore SIPs during the last five years. Retaining the SIPs and growing
them even in small nuggets year on year is the low hanging opportunity for growing the AuM, given
the remaining horizon in their working life.
15
About CII
The Confederation of Indian Industry (CII) works to create and sustain an environment conducive to the
development of India, partnering Industry, Government and civil society, through advisory and consultative
processes.
CII is a non-government, not-for-profit, industry-led and industry-managed organization, with around 9,000
members from the private as well as public sectors, including SMEs and MNCs, and an indirect membership of
over 300,000 enterprises from 286 national and regional sectoral industry bodies.
For more than 125 years, CII has been engaged in shaping India's development journey and works proactively
on transforming Indian Industry's engagement in national development. CII charts change by working closely
with Government on policy issues, interfacing with thought leaders, and enhancing e ciency, competitiveness
and business opportunities for industry through a range of specialized services and strategic global linkages. It
also provides a platform for consensus-building and networking on key issues.
Extending its agenda beyond business, CII assists industry to identify and execute corporate citizenship
programmes. Partnerships with civil society organizations carry forward corporate initiatives for integrated and
inclusive development across diverse domains including a rmative action, livelihoods, diversity management,
skill development, empowerment of women, and sustainable development, to name a few.
As India completes 75 years of Independence in 2022, it must position itself for global leadership with a long-
term vision for India@100 in 2047. The role played by Indian industry will be central to the country's progress and
success as a nation. CII, with the Theme for 2022-23 as Beyond India@75: Competitiveness, Growth,
Sustainability, Internationalisation has prioritized 7 action points under these 4 sub-themes that will catalyze
the journey of the country towards the vision of India@100.
With 62 o ces, including 10 Centres of Excellence, in India, and 8 overseas o ces in Australia, Egypt, Germany,
Indonesia, Singapore, UAE, UK, and USA, as well as institutional partnerships with 350 counterpart
organizations in 133 countries, CII serves as a reference point for Indian industry and the international business
community.
Confederation of Indian Industry
The Mantosh Sondhi Centre
23, Institutional Area, Lodi Road, New Delhi - 110 003 (India)
T: 91 11 45771000 / 24629994-7
E: info@cii.in | W: www.cii.in
About CAMS
CAMS is India's largest technology platform and service partner to Mutual Funds with an aggregate market
share of approximately 69% based on Mutual Fund average assets under management (”AAuM”). The
Company has grown its market share from ~61% in March 2015 to ~69%, based on AAuM serviced. Its Mutual
Fund clients include ten of the fifteen largest Mutual Funds. The Company is the market-leading platform and
service partner to Alternative Investment Funds and portfolio managers serving over 300 funds with full-stack
digital and fund administration services. CAMSPay is the primary Payment services provider for Mutual Funds
and several NBFCs. Services to insurance companies and eInsurance services are provided via the subsidiary
CAMSRep. The company has recently launched Account Aggregator service CAMSfinserv, a path-breaking
initiative for consent-based data sharing. Central Record-keeping services for National Pension System is
similarly a newly launched service. CAMS serves over three hundred financial institutions across Capital markets
and BFSI sector.
Acknowledgements
The report is a production of CAT (CAMS Analytics Team).
Author: Kamala Radhakrishnan-Executive Vice-President
Data Support: Sudha R-Senior Manager, Jaya Krishna M, Jawaharlal Nehru V
Production Support: Thirumalaivasan J
Contact: cat@camsonline.com
Digital report can be downloaded at: camsonline.com/assets/PDF/newmillennials
16
The information in this publication has been obtained or derived from reliable sources to the best of e orts of CAMS. Any
opinions or estimates contained in this publication represent the judgment of CAMS at this time and are subject to change
without notice. Readers of this publication are advised to seek their own professional advice before taking any course of
action or decision, for which they are entirely responsible, based on the contents of this publication. CAMS neither accepts
nor assumes any responsibility or liability to any reader of this publication in respect of the information contained within it or
for any decisions readers may take or decide not to or fail to take.
© 2023 Computer Age Management Services Limited. All rights reserved. In this document, “CAMS” refers Computer Age
Management Services Limited.

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The emerging force of Millennial Investors

is here to stay and grow

84.8 Lakh 1.54 Crore

The sixth factor

How has the

Top 30: 86%

66% 70% 68% 69%

FY19 FY20 FY21 FY22 FY23

The choice of making the ﬁrst investment in 23,80,642

SIP in equity schemes has been the preferred

FY19 FY20 FY21 FY22 FY23

25 lakh millennials have chosen lump-sum route for

While the maximum number of millennials entering

FY19 FY20 FY21 FY22 FY23

37% 36% 33%

20% 23% 23% 24%

Are they expanding &

Investors’ conviction to grow their MF portfolio

FY19 FY20 FY21 FY22 FY23

Total New SIP Registrations Millennials New SIP Registrations

FY19 New SIPs

FY19 14,64,284 14,64,284

FY20 4,36,069 11,18,790 15,54,859

FY21 3,98,252 4,53,932 11,06,206 19,58,390

FY22 7,02,011 6,12,416 8,15,770 32,22,182 53,52,379

FY23 5,84,710 4,82,197 5,17,189 11,74,102 23,04,487 50,62,685

Total 35,85,326 26,67,335 24,39,165 43,96,284 23,04,487 1,53,92,597

Diversiﬁcation Across Fund Houses

57% 21% 10% 5% 3% > 3%

Direct 88% 12% 3,66,645 5%

RIA 99% 1% 26,64,724 35%

MFDs 75% 25% 13,95,097 18%

National Distributors 86% 14% 10,85,876 14%

PSU Banks 75% 25% 10,21,126 13%

Private banks 72% 28% 7,86,469 10%

Regional Distributors 93% 7% 82,498 1%

Others 94% 6% 2,54,350 3%

T30 B30 Share % in Total New Millennial PAN

In sharp contrast to the intuitive conclusion 2% 4% 1% 3% 4%

that millennials are likely to go the Do-it- 8%

Millennial 14,29,840 11,01,256 11,14,956 23,80,642 16,30,091

16% 15% 19%

19% 14% 15% 14% 10%

Urban vs. Other Locations

Digital 15% 11% Digital

Electronic 70% T30 B30 9% Electronic

Paper 15% 80% Paper

FY'19 FY'20 FY'21 FY'22 FY'23

Asset class wise Gross Sales

Rs.65,145 Cr Rs.18,905 Cr Rs.13,661 Cr Rs.6,033 Cr

Total Gross Inﬂows

FY'19 FY'20 FY'21 FY'22 FY'23

Equity Debt Cash Others

Initial Fig. No. 21 Initial

Remained Subsequently Remained Subsequently

Diversiﬁcation is more pronounced with

What are the redemption &

Sixteen lakh (30 %) of the 56 lakh base having an

Millennial 13,75,780 16,40,536 8,31,605 7,39,169 6,34,165 3,48,161 32,922 3,229

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